Interim Management Statement

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

INTERIM MANAGEMENT STATEMENT (UNAUDITED)

FOR THE QUARTER ENDED 30th SEPTEMBER 2009

Pantheon International Participations PLC ("PIP" or the "Company") presents its
interim management statement for the period from 1st July 2009 to 30th
September 2009. This constitutes the Company's first interim management
statement in the financial year ending 30th June 2010, as required by the UK
Listing Authority's Disclosure and Transparency Rule 4.3.

The Company published an unaudited Net Asset Value ("NAV") as at 30th September
2009 on 5th November 2009. This interim management statement summarises the
information as at 30th September 2009 and any further developments up to 18th
November 2009.

Investment Objective

PIP's primary investment objective is to maximise capital growth by investing
in a diversified portfolio of private equity funds and, occasionally, directly
in private companies.

Cash Balance and Remaining Facilities

As at 30th September 2009, PIP had cash balances totalling £45m.

In addition at 30th September 2009, £30m of its £150m available bank loan
facility remained undrawn along with £150m of standby commitments to subscribe
for redeemable shares. It should be noted that, if called, £49.5m of the
proceeds from a redeemable share issue under the standby commitments would be
needed to repay the outstanding loan notes.

As such, PIP's available financing capacity stood at £175.5m at 30th September
2009.

Gearing

A total amount equal to £120 million was drawn down under PIP's loan facilities
at 30th September 2009. In addition, the Company has outstanding £49.5m of
unsecured subordinated loan notes.

Calls and Distributions

In addition to sales proceeds from disposals agreed prior to 30th June of £
11.5m, during the quarter ended 30th September 2009 PIP received distributions
from private equity assets of £9.1 million. PIP invested £17.1 million in
private equity assets.

Outstanding Commitments

PIP has made no new commitments to new investments. Outstanding commitments to
investments, which are likely to be called over several years, stood at £389.6m
at 30th September 2009 calculated using exchange rates as at that date.

Performance

The Ordinary share price increased by 33% to 394p and the Redeemable share
price was 350p at both the start and end of the quarter. Since 30th September
the share price of the Ordinary shares has decreased to 334p and the share
price of the Redeemable shares has increased to 360p. The NAV per share
increased by 6.8% during the quarter, to 826.5p.

Total Return Performance

                            1     3 Years  5 Years  10 Years
                                   % p.a.   % p.a.   % p.a. 
                           Year                             
                                                            
                            %                               
                                                            
NAV per share             (28.4)    0.3      7.1      7.6   
                                                            
Ordinary share price      (41.6)   (21.4)   (5.3)     3.0   
                                                            
MSCI World (Sterling)      9.3      1.3      6.7      1.7   
Total Return                                                
                                                            
FTSE All-Share Index       10.8    (1.1)     6.7      2.5   
Total Return                                                

** PIP was launched on the 18th September 1987. £1,000 invested at inception,
assuming reinvestment of dividends and capital repayments, would have been
worth £5,460 at 30th September 2009.


General Information

                                     30/09/09        30/06/09        Change    
                                                                               
NAV per share                         826.5p          773.6p          6.8%     
                                                                               
Ordinary share price                  394.0p          295.3p         33.4%     
                                                                               
Redeemable share price                350.0p          350.0p          0.0%     
                                                                               
Total assets less current             £548.7m        £513.6m          6.8%     
liabilities                                                                    
                                                                               
Outstanding commitments               £389.6m        £427.9m         (9.0%)    

Other than as described above the Board is not aware of any events during the
period from 1st October 2009 to the date of this statement which would have a
material impact on the financial position of the Company.

Tom Bartlam

Chairman

19th November 2009

The views information and data in this announcement should not be deemed as a
financial promotion or recommendation. Shareholders are advised that this
statement is unaudited.

For further information please visit PIP's website at www.pipplc.com or
contact:

Andrew Lebus

Pantheon Ventures Ltd

Tel: [phone]